White House denies Iran peace deal report as talks falter

Negotiations to end the US-Iran conflict suffered another setback on Wednesday after the White House rejected Iranian state media reports of a draft peace deal as "a complete fabrication." Iranian state television had claimed that a memorandum of understanding between the two sides would involve the United States lifting its naval blockade of Iranian ports and withdrawing military forces from the region's vicinity, while Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within one month. The report, which Iranian state media stressed was not final, made no mention of Iran's nuclear programme, a key US demand that has been a major sticking point in negotiations. Oil prices fell more than 5 percent on Wednesday following the Iranian report before retreating after the White House denial. US Secretary of State Marco Rubio indicated on Tuesday that it may take several more days to secure a deal, despite President Donald Trump expressing optimism over the weekend about an imminent breakthrough. Trump is scheduled to meet with his cabinet at Camp David on Wednesday to discuss efforts to end the conflict, which has disrupted global energy supplies through the Strait of Hormuz, through which nearly a fifth of the world's oil and liquefied natural gas flowed before the fighting began. The US military currently has approximately 15,000 troops enforcing the blockade of Iran, with thousands more stationed at bases throughout the Gulf region in countries including Qatar, the United Arab Emirates, and Bahrain. A senior Iranian official told reporters in Moscow that reopening the strait remained a sticking point, while US officials have insisted that dismantling Iran's nuclear programme to prevent weapons development is the primary objective of the conflict. Iranian sources have indicated that nuclear talks would come in a second round of negotiations, a condition that may not be acceptable to some of Trump's closest supporters.